PPT-Chapter 7 Depreciation and Income Taxes

11232011 559 AM Dr Mohammad Abuhaiba PE 1 72 Depreciation Concepts and Terminology Depreciation Decrease in value of physical properties with passage of time and use Accounting concept establishing annual deduction against beforetax income. Managing Taxes. Objectives. Describe the two ways of paying taxes: payroll withholding and estimated taxes.. Identify the three steps involved in calculating federal income taxes.. Understand planning strategies to legally avoid overpayment of income taxes.. . Self-Employed. Business Income Schedule C. “A fine is a tax for doing something wrong. . A tax is a fine for doing something right.”. -- Anonymous. LO #1- Income and Expenses of the Self-Employed.  . Germania . Montás. . Yapur.  . “. TAXATION IN THE MINING INDUSTRY: NOTES ON A DESIGN TO FACILITATE ITS APPLICATION. ”.  . AT THE EXPERT . GROUP MEETING ON EXTRACTIVE INDUSTRIES TAXATION. Types of Taxes. Who are liable for TAX?. Individuals. Companies. Firms (partnerships). Association of persons or bodies of individuals. Local authority (municipal bodies). Artificial juridical person. “God Bless the Child” by Chris . Botti. and Paula Cole . “. Money for Nothing” by Dire Straits. . “. Tax Man” by George Harrison. Tax Management. Learning Objectives. LO 9-1 . Describe the purposes of taxes, the different types of taxes, and the principles of progressive and regressive taxes.. 30. Chapter 9. Contemporary Engineering Economics. Copyright © . 2016. Chapter Opening Story . Delta Airlines has invested $100 million in improving luggage handling technology and equipment.. How. does the cost of this . J C. Hobbs. Extension Tax Specialist. 580-237-7677. jc.hobbs@okstate.edu. Depreciation Tools. Based upon 2017 Tax Laws. Options available. Use in Income Tax Management. Depreciation. What is depreciable? (Machinery, equipment, vehicles, certain livestock, buildings, and other farm assets with a useful life greater than one year.). Learning Objectives. Describe the primary types of state and local taxes.. Determine whether a business has sales and use tax nexus and calculate its sales tax withholding responsibilities.. Identify whether a business has income tax nexus and determine its state income tax liabilities.. What’s Covered?. Major topics since last exam. 1) Farm Finance: Balance Sheets, Income Statements. 2) Taxes, Business Arrangements and Farm Transfer. Posted old Exam #2 and Final Exam materials over similar topics, plus answers. Chapter 2. 2.1 The Balance Sheet. An accountant’s snapshot of the firm’s accounting value at a specific point in time. The Balance Sheet Identity is:. Assets ≡ Liabilities Stockholder’s Equity. Agricultural . Economics Learn . at Lunch. February 19, 2019.  . J C. Hobbs. Associate . Extension Specialist. Agricultural Economics Dept.. Income Tax Management. Beginning of year tax management tools that affect the current and future years.. Taxes. Frustration over taxes is what led American colonists to go to war against and declare independence. As citizens of the US, we authorize the government, through the Constitution and our elected representatives in Congress, to raise money in the form of taxes. Learning Objectives. Describe the primary types of state and local taxes.. Determine whether a business has sales and use tax nexus and calculate its sales tax withholding responsibilities.. Identify whether a business has income tax nexus and determine its state income tax liabilities.. “. Taxes are what we pay for a civilized society.. ”. Justice Oliver Wendell Holmes. “. People want just (or fair) taxes more than they want lower taxes. They want to know that every man is paying his proportionate share according to his wealth..